The We Society S7 Ep3: Making a responsible budget with Sir Robert Chote
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Jan 29, 2025 Sir Robert Chote, former head of the Institute for Fiscal Studies and the Office for Budget Responsibility, now chairs the UK Statistics Authority. He discusses the critical roles of these institutions in shaping UK economic policy and managing budget forecasts. Chote addresses the challenges of post-COVID fiscal management, emphasizing data transparency in decision-making. He shares insights on key drivers for economic growth like education and infrastructure while reflecting on his transition from journalism to policy-making, blending humor with serious analysis.
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Consistent Focus on Clarity and Examination
- Sir Robert Chote's core focus remains consistent throughout his career: examining complex issues, distilling key messages, and explaining them clearly.
- This approach applies to economics, government decisions, and their impact on people's behavior and outcomes.
OBR's Key Role
- The OBR's economic forecasts generally align with those of other forecasters like the Bank of England.
- Their key contribution lies in granular analysis of public finances, not necessarily unique economic predictions.
OBR's Scepticism
- The OBR's skepticism towards transformative effects of tax cuts or public spending is rooted in the need for data-backed evidence.
- The timescale of these policies often extends beyond the OBR's five-year forecast horizon.